FinCEN is issuing this statement to support its request that the Office of Management and Budget (OMB) approve the Real Estate Report (RER) â the form that will be used to collect information about certain residential real estate (RRE) transfers, as required by the Anti-Money Laundering Regulations for Residential Real Estate Transfers final rule, hereafter referred to as the Residential Real Estate Rule (RRE Rule). FinCEN issued the RRE Rule on August 29, 2024, and the RRE Rule has an effective date of December 1, 2025. Briefly, the RRE Rule requires certain persons involved in real estate closings and settlements (reporting persons) to submit reports to FinCEN and keep records on certain non-financed transfers of residential real property. Reporting from the RRE Rule is expected to curtail the ability of illicit actors to launder illicit proceeds anonymously through transfers of residential real property, which threatens U.S. economic and national security. More broadly, this reporting is expected to assist the U.S. Department of the Treasury (Treasury), law enforcement, and national security agencies in addressing illicit finance vulnerabilities in the U.S. residential real estate sector. The RRE Rule describes the circumstances in which a report must be filed, who must file a report, what information must be provided, and when a report is due.
FinCEN estimates a change in burden to include incremental costs unique to the RER and the filing mechanism by which reporting persons provided FinCEN with the information required by the RRE Rule. FinCEN estimates the total annual burden hours to be consequently increased by 212,500 hours from 4,604,167 hours to 4,816,667 hours. FinCEN bases these increases on the estimated time to complete, review, and transmit the RER from an initially projected 30 minutes to 45 minutes. In addition, FinCEN has added an annual one-time burden of 50 minutes per each 172,753 estimated reporting persons to account for technology and training time costs independent of transaction or reporting volume. FinCEN has added these additional burden hours in order to achieve a more accurate estimation of the total annual burden.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
EIC + CEA Joint Response Letter - OMB Control No. 156-0080.pdf
RRESupportingStatement_DRAFT_clean_04.25.2025.docx
Real Estate Report (RER)